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The new chief executive of Burberry is heading for a confrontation with the City over his £20 million “golden handcuffs” deal.

Christopher Bailey, who recently rose to the top job at the fashion house, has been given a package that includes a £440,000 cash allowance on top of a £1.1 million salary and performance-related shares worth up to £7.3 million.

The Investment Management Association, which represents the investment management industry overseeing £4.5 trillion of assets for clients, has issued an “amber top” rating on Burberry’s pay before its annual meeting on Friday, and has called for shareholders to scrutinise the